Foxquilt, a prominent North American insurance technology (InsurTech) firm, specialising in catering to small businesses and micro-enterprise markets, has made a thrilling announcement of securing $12m in a funding round.
The robust fundraise of $12m was carried out across two distinct rounds. The initial round closed towards the end of 2022 and was led by ICM. The subsequent round witnessed participation from both new and existing investors, marking a vote of confidence in Foxquilt’s innovative approach to insurance, and its potential to reshape the industry.
Born in 2016, Foxquilt’s winning formula is a fusion of unique proprietary technology and insurance products. This winning blend propels its large-scale growth through B2B enterprise and Broker/Agent distribution channels.
As the only cross-border platform of its kind, Foxquilt leverages data analytics and dynamic underwriting logic to deliver fully automated, multi-operational coverage that satisfies both affinity partners’ insurance necessities and their associated small businesses.
The CEO & co-founder of Foxquilt, Mark Morissette, expressed his excitement, “This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered. We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers.”
Embedded insurance technology lies at the heart of Foxquilt’s game-changing strategy. It deftly integrates insurance products into multiple platforms and services, facilitating businesses and communities to offer customised coverage solutions to their clients and networks effortlessly.
This strategy empowers consumers to access insurance products seamlessly by dismantling traditional barriers and providing a superior user experience.
The $12m Series B funding will power Foxquilt’s expansion plans across North America. The company aims to scale its embedded enterprise capabilities, advance its technology infrastructure, and expand its product offerings.
Additionally, the fresh investment will aid the development of cutting-edge data analytics capabilities, enabling Foxquilt to better understand customer needs and finetune its insurance solutions for diverse markets. By harnessing advanced technology, data analytics, and a customer-centric approach, Foxquilt is poised to bring about a paradigm shift in the InsurTech sector, driving profitability by the end of 2023.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
